A PRIVATE ADVISORY BOARD
Having an advisory board is a good idea for all businesses of any size; however, very few businesses implement this valuable asset. There are many reasons:
- I am too small
- I don’t know who to ask
- I can’t afford to form a good advisory board as they want food or ??????
- The excuses go on and on.
Instead of going out to the community and trying to find “high powered members” I recommend forming a private three member advisory board consisting of people who have a vested interest in your success.
Examples of members we have selected in the past include:
- Your banker
- Your attorney
- Your CPA
- Your coach/mentor
- Your financial advisor
- A trusted successful business owner
The benefits to these three selected members are numerous. The new members will meet other people to network with while they are getting behind your future growth and success. They may even have a potential for future financial benefits.
THis model provides great benefits for your business. Your company may be small or it might be just you alone, however, now you will will have a sounding board to share your ideas, and people to gain guidance from. Hold a monthly meeting with your private advisory board. Everything that takes place should be held in the strictest confidence. (May need some legal paperwork as full disclosure of company financials and future growth plans will be shared).
The implementation of this suggestion may be the single most important thing you can accomplish, at any price, for the future of your business.
Good ideas only work if they are acted upon.
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